by PAMELA HULSE ANDREWS Cascade CBN Editor
Looking around Central Oregon in recent months it is obvious that the landscape is changing. The construction industry is full of activity with numerous residential projects underway. Even commercial projects can be found humming away at The Old Mill District, on Bend’s southend and in Prineville’s data centers.
The question we ask ourselves: is this a flash mob of activity or are we on the road to a sustainable recovery? Predictions vary but a recent survey of hundreds of small business owners around the world regarding the economy, the future of their companies and the status of their strategic business plans showed that America is on the top: 73 percent of U.S. business owners say their local economy is better than it was a year ago, while only 48 percent of British owners and 45 percent of Canadian owners feel the same way.
Overall, 66 percent of business owners predict their economy will perform better over the next year and 77 percent project sales revenue growth.
This is a time when strategic planning works. In fact it’s essential. Businesses that have been through those four years of really challenging times now have a decision to make. Conduct business the way you did when the economy was booming, or rethink your strategies so you’re not caught without the cash to see you through another downturn.
On the importance of strategic business planning says The Alternative Board (surveyors of the recent poll):
• Business plans work: 76 percent believe having a written strategic plan improves business performance, specifically: revenue growth, profits and marketing effectiveness.
• Owners need to improve: Despite the fact that CEOs know strategic plans are a critical aspect of sustainable growth and success, 91 percent say they don’t have an excellent plan in place and 22 percent have no written strategic plan at all.
As the economy continues to bounce back and consumer confidence improves, many businesses have the opportunity to capitalize on the financial climate. However, without a solid strategic business plan in place, companies will fail to reach their full potential. It’s in a business owners’ best interest to have a good plan that is reviewed regularly.
